A significant increase in investor activity has been observed in the crypto market in recent weeks. Bitcoin 
$67,355 It entered a new price increase and tested the $68,000 level. Ethereum 
$2,621Popular altcoins such as , Solana also continue their upward trend. As investor interest returns to the market, the fear and greed index points to greed after two and a half months. This was declared by many investors as the beginning of Uptober.
Crypto Active Addresses Are Rising
The report prepared by A16zcrypto presented impressive data on investor activities. According to the report, the crypto market has reached its highest number of monthly active addresses ever. Approximately 220 million active addresses were registered last month, a threefold increase compared to 2023 data.
The main reason for this active address explosion was Solana, the fifth largest cryptocurrency in the market. Solana alone provided 100 million active addresses, followed by NEAR 31 million, Base 22 million and TRON 14 million. This has shown a surprising development, leaving top cryptocurrencies such as Bitcoin and Ethereum behind. However, the Solana price rally has not yet occurred. Some analysts noted that most users have low SOL accumulation despite the high number of active addresses.
US Elections and Crypto
The report also focused on increasing crypto searches in US states as the presidential election approaches. With less than three weeks until the elections, expectations are rising on the performance of the crypto market. Bitwise CEO predicted Bitcoin price to break a new record before election day. Additionally, others expect higher post-election returns depending on the results.
“We predict that the Bitcoin price will reach a new peak before the election.” -Bitwise CEO.
The A16zcrypto report revealed that Bitcoin and Ethereum ETFs are playing a significant role in this growing interest. Since the launch of the Spot Bitcoin ETF, there has been a total inflow of $20 billion.
The Future of the Crypto Market
As crypto activity reaches its peak, Uptober and market rally expectations are at their peak. While Bitcoin rises above 67 thousand dollars, important altcoins continue to break new records. BTC Futures Open Interest has reached a new peak, reflecting the excitement of investors. Historical trends and US elections in sync could support market growth and raise expectations for an upcoming bull market.
This rapid change in the crypto market offers new opportunities for investors and risks to be aware of. While the increase in the number of active addresses shows the vitality of the market, technological developments and political factors continue to shape the future of cryptocurrencies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
